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The Rise of Contact Center Software Market: A $109.7 billion Industry Dominated by Tech Giants - NICE (Israel), IBM (US), Genesys (US) | MarketsandMarkets™

1. Contact center software market to grow from $41.9 billion in 2023 to $109.7 billion by 2028. 2. IBM is a key player in the growing contact center software market. 3. Cloud-based solutions driving growth; IBM's services may benefit from this trend. 4. BFSI sector's need for enhanced customer experience boosts demand for IBM's software solutions. 5. Asia Pacific region expected to experience the highest CAGR in contact center solutions.

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FAQ

Why Bullish?

IBM's position in a rapidly growing market suggests potential price gains. Similar past trends saw stocks of tech companies surge amidst high growth sector forecasts.

How important is it?

The article highlights a significant growth opportunity in a sector where IBM is actively involved, likely impacting its market position.

Why Long Term?

The sustained growth trajectory of the contact center software market may provide IBM with steady revenue increases over several years.

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IBMAWSGenesysTwilioCisco
February 05, 2025 08:30 ET  | Source: MarketsandMarkets Research Pvt. Ltd. Delray Beach, FL, Feb. 05, 2025 (GLOBE NEWSWIRE) -- The Contact Center Software Market is projected to grow from USD 41.9 billion in 2023 to USD 109.7 billion by 2028 at a Compound Annual Growth Rate (CAGR) of 21.2% during the forecast period, according to a new report by MarketsandMarkets™. The continuous transition to cloud-based contact center solutions has led to the growth of the contact center software market globally. Browse in-depth TOC on "Contact Center Software Market" 291 - Tables 60 - Figures 342 - Pages Download Report Brochure @ https://www.marketsandmarkets.com/pdfdownloadNew.asp?id=257044641 Contact Center Software Market Dynamics : Drivers: Rising adoption of advanced contact center technologiesNeed to control contact center attrition and absenteeismImpact of social media on contact center operationsContinuous transition to cloud-based contact centersIntegration with CRM and other business systemsGrowing demand for personalized and streamlined interactions Restraints: Inadequate network bandwidth to minimize adoption of VoIP and cloud-based telephonyHigh costs and long-term contracts associated with PRI phone servicesImpact of IVR fraud and cyberattacks on business operations Opportunities: Growing demand for analyzing audio and video conversationsGrowing demand for AI and automationDynamic customer demand for robust self-service interactions List of Key Companies in Data Diode Market: NICE (Israel)IBM (US)Genesys (US)AWS (US)Five9 (US)Twilio (US)Mitel (Canada)Cisco (US)BT (UK)Verizon (US) Request Sample Pages@ https://www.marketsandmarkets.com/requestsampleNew.asp?id=257044641 Based on components, the solutions segment leads the market. Contact center software solutions include omnichannel routing, workforce engagement management, reporting and analytics, customer engagement management, and other solutions (CTI, messaging, compliance, and data integration). These solutions address critical contact center needs related to agent performance management, inbound and outbound operations such as customer query resolution, selling and prospecting, and information delivery and customer communication management. Based on solutions, the omnichannel routing segment holds the highest share of the market. Omnichannel routing solutions are used for routing calls and allocating work to agents based on their skills and experience in understanding customer requests from any digital channel. These solutions help deliver consistent and personalized experiences via a single interface, irrespective of digital interaction channels, which is why contact center agents are increasingly deploying omnichannel solutions.  Based on services, Integrating various business systems with solutions provides a unified view of all business processes. Contact center solution providers offer implementation and integration services with their solution offerings. The implementation and integration services ensure the hassle-free and accurate integration and deployment of contact center solutions with the existing IT infrastructure or dedicated business applications. Cloud deployment would lead the market based on deployment mode during the forecast period. With cloud deployment, organizations do not need to invest in and maintain their hardware infrastructure. The cloud service providers take care of the underlying infrastructure, including servers, storage, and networking, allowing organizations to focus on utilizing the software rather than in-house infrastructure management. Cloud deployment offers scalability, allowing organizations to quickly scale their contact center operations up or down based on demand. Inquire Before Buying @ https://www.marketsandmarkets.com/Enquiry_Before_BuyingNew.asp?id=257044641 The large enterprise segment leads the market based on organization size. Large enterprises in the context of contact center software refer to organizations with extensive operations, multiple departments, high call volumes, and complex communication requirements. These enterprises typically handle many customer interactions and require advanced features and capabilities from their contact center software. Contact center software for large enterprises must be highly scalable to take the high call volumes and accommodate the organization’s growth. It should allow for easy addition or removal of agent seats, capacity adjustments, and the ability to handle peak call loads efficiently. Based on vertical, the BFSI (banking, financial services, and insurance) vertical holds the most prominent market foothold. The BFSI vertical market would experience significant growth in contact center software solutions. Genesys, IBM, AWS, and NICE are the key vendors that offer contact center software solutions in the BFSI sector. Digitalization has changed the way customers access and consume content. The BFSI sector strongly emphasizes delivering excellent customer experiences to build trust and loyalty. Contact center software helps BFSI organizations engage with customers across multiple channels, providing personalized interactions and seamless experiences. The sector’s focus on customer experience drives the adoption of contact center software solutions that enhance customer engagement and satisfaction. The contact center software market includes the analysis of five regions: North America, Asia Pacific, Europe, the Middle East & Africa, and Latin America. Asia Pacific region holds the highest CAGR during the forecast period. The rising enterprise workloads significantly impact the contact center software industry in Asia Pacific. Asia Pacific analyzes developed and developing countries, such as China, Japan, ANZ, and the rest of Asia Pacific. Developing countries are gradually advancing toward using contact center software solutions and services to improve and streamline their business processes. The Asia Pacific region has a growing awareness and understanding of contact center software solutions. The Asia Pacific region will experience extensive growth opportunities in the coming years due to the surge in the adoption of advanced technologies, including AI, automated digital solutions, and cloud. The region is also witnessing a growing adoption of cloud-based contact center solutions as businesses seek ways to reduce costs and improve efficiency. In addition, the rising demand for omnichannel customer service is also driving the growth of the Asia-Pacific contact center software market. Get access to the latest updates on Contact Center Software Companies and Contact Center Software Industry Contact Data About MarketsandMarkets™ MarketsandMarkets™ has been recognized as one of America’s best management consulting firms by Forbes, as per their recent report. MarketsandMarkets™ is a blue ocean alternative in growth consulting and program management, leveraging a man-machine offering to drive supernormal growth for progressive organizations in the B2B space. We have the widest lens on emerging technologies, making us proficient in co-creating supernormal growth for clients. Earlier this year, we made a formal transformation into one of America's best management consulting firms as per a survey conducted by Forbes. The B2B economy is witnessing the emergence of $25 trillion of new revenue streams that are substituting existing revenue streams in this decade alone. We work with clients on growth programs, helping them monetize this $25 trillion opportunity through our service lines - TAM Expansion, Go-to-Market (GTM) Strategy to Execution, Market Share Gain, Account Enablement, and Thought Leadership Marketing. Built on the 'GIVE Growth' principle, we work with several Forbes Global 2000 B2B companies - helping them stay relevant in a disruptive ecosystem. Our insights and strategies are molded by our industry experts, cutting-edge AI-powered Market Intelligence Cloud, and years of research. The KnowledgeStore™ (our Market Intelligence Cloud) integrates our research, facilitates an analysis of interconnections through a set of applications, helping clients look at the entire ecosystem and understand the revenue shifts happening in their industry. To find out more, visit www.MarketsandMarkets™.com or follow us on Twitter, LinkedIn and Facebook. Contact: Mr. Rohan Salgarkar MarketsandMarkets™ INC. 1615 South Congress Ave. Suite 103, Delray Beach, FL 33445 USA: +1-888-600-6441 Email: sales@marketsandmarkets.com Visit Our Website: https://www.marketsandmarkets.com/

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